A side effect of this buffering approach is that the timestamp will be incorrect for most messages, especially when there is a long delay between messages. Adding time-based signals could reduce the problem, but not mitigate it completely.
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No matter how great and destructive your problems may seem now, remember, you've probably only seen the tip of them. [1]
Agreed. The OP is apparently trying to emulate behavior of syslog, where some(?) implementations do this by default. But there are plenty of rants about why this is not necessarily a good idea.